IT's confess'd the first Ʋndertaking, and also this Review of these Acts, should have had the Under­standing and Pen of an Experienced and Able Lawyer, or have been the Business of an Indefati­gable Person we see often nam'd in the Votes upon the like Occasions. It's natural to suppose the Ob­servations of these Acts were laid aside as not worth the Reading, because they appeared to come from a Person that has no Character for such an Ʋndertaking: I will con­fess, I am wanting of Learning, yet I praise God I can Read, and if we are commanded to Read his Laws, I think its neither Presumption nor Trespass to View and Compare those of Man. And since I have found the Observations so much slighted and rejected (tho' not [Page 2]reprimanded nor corrected) by those I thought might have used Me with a little more Consideration; I have reviewed all the five Acts which tend to Annuities, and the more I compare them, the more occasion I find they should be reviewed and taken into Consideration by Authority; for they will evidence that either hurry of Business, or the Necessity of Affairs have caused so many seeming Inconsi­stences, that it's reasonable to imagine near Ten Thousand People are uneasy, as to the Money they have advanced with an English Courage, for carrying on this French War, and with great Affection to the King, bringing in their Money so chearfully; which with submission, may be com­puted to Eight and Twenty Hundred Thousand Pounds, part of the One and Thirty Hundred Thousand Pounds, intended to be raised upon these Five Acts, which will be recited, though the Five Acts make but Two Funds, one of which is taken away, though there is now a Tendency towards Reparation.

The scope of this tends to the Honour and Interest of His Majesty, the settling the Intentions and Authority of Parliament, and preservation of the Duty and Affections of the People to the Government, and their enjoying as near as may be the Intentions of the Compact, or the Terms offer'd by Acts of Parliament, which invited them to bring in their Moneys for Defence against a Potent Enemy, and carrying on the War until it may conclude in an Honour­able Peace, which is hop'd to be in view or assured: But if not, then it's high time to state the Case fairly to those that have advanced Money, or they will uneasily bear their Proportions of further Payments. The Mathematicians say, the way to shew a crooked Line, is to draw a strait one; so when the supposed Deficiences or Inconsistences of these Acts are seen, it's not doubted but the Parliament will do what's possible to be done, to the Satisfaction of those who [Page 3]have advanced Money; but it's not a Preface or Preamble that effects the main Business, therefore to come to the Acts themselves, I will humbly offer this Method.

I. First, recite the Acts distinctly, and the most material Particulars I suppose they contain.

II. Secondly, compare them as they appear to me, either deficient or inconsistent, and in what particular, Discourag­ing.

III. Thirdly, plainly and fairly state what I could con­clude an Answer or Objection to the mention'd Observa­tions.

IV. Fourthly, Answer them respectively, and I hope rationally.

V. Lastly, Sum up all with regard to Authority ac­cording to the Justice intended, and the Property expected; without charging this Address with Particulars, why I might have hoped for better Success from the first Obser­vations, which I doubt not will be brought into Counte­nance, if the Honourable House think fit to take this Review into their Judicious Consideration, and allow the Intentions to be for a Publick Good; if the Recital and References do not appear clear in this Paper, upon intimation where the Defect is, I doubt not of clearing it upon Command.

The First Act for Annuities is in the 4th. Year of their Ma­jesties King William and Queen Mary.By the First Act for Annuities certain Rates and Duties of Additional Excise up­on on Beer, Ale and other Liquors, were granted for Ninety Nine Years, as a Fund for raising Ten Hundred Thousand Pounds towards carrying on the War against France, and for securing certain Re­compences and Advantages to several Persons upon Survi­vorship; and also certain Annuities of 14 l. per Annum for each single Life, upon advancing One Hundred Pounds: [Page 4]In this Act, Folio 215. are two Limi­tations on this Fund; Folio 215. First a Sum not exceeding One Hundred Thousand Pounds, shall be set apart for the Recompences, until the Year 1700. and after that time but 70000. l. for the like Re­compences. The Surplus will admit of a Discourse at the end of this Ʋndertaking, which words Surplus and Sur­plusage, next to looking into these Acts for the sake of a Friend and a Minor, was the Cause why I took more notice of them than I used to do of Acts; for in the last Clause of the First and Second Act for Annuities there will be found seemingly very odd Restrictions or Limi­tations of a Gift, as will be observed in the sequel.

The Second Act is in th 5th Year of their Majesties Reign.The Sum of Ten Hundred Thousand Pounds not being fully rais'd by the fore­said Act, occasion'd this other Act for supplying the Deficiency of the former; and this Act for Annuities of 14 l. per Annum for One Life only, it's sup­pos'd was because People were readier to advance their Money for 14 l. per Annum for a single Life, than come for Dividends upon Survivorship, and yet both came near the Million; Folio 96. of this Act says, 881493 l. 14 s. 2 d. was rais'd by the First Act. for in Folio 96. of this Act, the Sum of Eight Hundred Eighty One Thousand Four Hun­dred Ninety Three Pounds Fourteen Shil­lings and Two Pence was raised by the First Act.

The Third Act for Annuities is part of an Act Anno Quinto & Sexto Gulielmi & Mariae. Anno Quinto & Sexto Gulielmi & Mariae, pass'd an Act for granting a Duty upon Tonage of Ships and Vessels, and upon Beer, Ale, and other Liquors (which Beer, Ale, &c. are much the same Words in the Act Quinto Gulielmi & Mariae, upon Additional Excise, &c. [Page 5]for raising the Sum of One Million by Survivorship and Annuities of 14 l. per Annum for single Life) and upon this Act of Tonage, &c. was to be raised Fifteen Hun­dred Thousand Pounds, of which, Three Hundred Thou­sand Pounds were to be raised on these Recompences, viz. 14 l. per Annum for a single Life, 12 l. per Annum for Two Lives, Annuities by this Act, fol. 356, 357. 10 l. per Ann. for Three Lives, and the Survivor of them; Fol. 356, 357.

The 4th. Act. Ann. Sexto & Sept. Guli­elmi Regis, is for raising 618420 l. by Sale of Reversions of Lives.This Fourth Act, Anno Sexto & Septi­mo Gulielmi Regis, was pass'd for Raising a further Supply of Six Hundred Eighteen Thousand Four Hundred Twenty Pounds and Six Pence (for carrying on the War against France) by purchasing the Term over on the same Funds, or converting the said Lives into a Term certain, for 96 Years of the 99. then remaining and unexpir'd; each Nominee for Life paying for the same Four Years and a half Purchase, or Sixty Three Pounds; and if such No­minee did not purchase by the time therein limited, then any other Person, Native or Foreigner, might purchase the Remainder of the Term certain, after the death of the No­minee, paying Five Years Purchase, i. e. Seventy Pounds within a time therein also limited. Thô this Act recites Folio 247. that upon the Acts for Additional Excise and Tonage of Ships and Vessels, Folio 246. 247. there was paid into the Exchequer Thirteen Hundred Thousand Pounds upon Survivorships and Annuities of 14 l. per Annum; and that the major part (to wit) the Sum of Nine Hundred Eighty one Thousand Six Hundred and Nine Pounds One Shilling and Nine Pence, was upon the Annuities of 14 l. per Ann.

[Page 6] And in this Act Folio 250. it's said, that he who purchases the remaining Term of 96 after a Life in being, Folio 250. or turns his Life into Years, or a Term certain, shall have, receive, and enjoy, and shall have a good, sure, and absolute Estate and Interest of and in an Annuity, yearly Rent or Pay­ment, equal by the Year to the Annuity, as he, she, or they had before for One Life, for and during the said whole Term of Ninety Six Years, to be paid and paya­ble out of some of the Funds in the said Acts mentioned (that is to say, out of such of them respectively, as the Annuity for Life, was by the Act charged upon) and to be paid at the Four most usual Feasts, &c.

This Fifth Act, Anno Septimo Gulielmi Regis, The 5th Act is Anno Septimo Gu­lielmi Regis. was pass'd for enlarging only the Time for purchasing on the same Terms above mention'd in the Fourth Act; for it is said in Folio 25. of this Act, Folio 25. that the Fourth Act did not raise above Two Hundred Thirty Five Thousand of the Six Hundred Eighteen Thousand Four Hundred and Twenty Pounds.

Thus having recited all the Five Acts wherein Annuities are granted, and having taken notice I hope of the most material Paragraphs both for Funds, and the Sum rais'd according to my first Proposition;

I come with Submission to the Second Undertaking, that is, to compare them as they appear to be inconsistent, and with some Demonstration why there is a Discourage­ment and a Deficiency.

[Page 7] In the first place it's apparent the Fourth Act for Sale of the Term over, or converting the Lives in being, into a Term for 96 Years (of the 99) then remaining and unexpired, did not raise above Two Hundred Thirty Five Thousand Nine Hundred Fifty One Pounds, of Six Hundred Eighteen Thousand Four Hundred and Twenty Pounds intended to be raised by this Act; nor did the Fifth Act enlarging the time for purchasing the same on the Terms before mentioned much advance the former Sum; for it's discours'd both Acts have not raised much above One Moiety of the said 618420 l. I having nei­ther Favour nor Countenance sufficient, nor any particu­lar Acquaintance with the Officers that keep these Books, cannot pretend to distinct Sums, further than I find them in the Acts, and as I have recited them, so that I cannot say exactly, but can come near a Computation how much was rais'd by Survivorship, and how much by Annuities upon 14 l. per Annum for a single Life on the Fund of Additional Excise, (viz.) about One Millon, and Three Hundred Thousand Pounds upon the Fund of Tonage might be raised by Annuities of 14 l. per Annum for One Life, 12 l. per Annum for Two Lives, and 10 l. per Ann. for Three Lives; for the distinction of which, those that have Authority may, without doubt, have Satisfaction in the Books of the Exchequer kept for that purpose.

My present Design is to demonstrate why the 618420 l. is not fully rais'd, which is prevented partly for want of a Provision in the Two last Acts, for the disposing of the remainder of the Term certain, where the several Nomi­nees deceased, nor others in their Default had not pur­chased the said Term certain during the Life of such Nomi­nees; for by the said Acts there must be a Nominee in [Page 8]being, as a Foundation to purchase on, as is more at large in the Paper of Observations, which if dark in any par­ticular, may be clear'd by a short Discourse, if admitted or required; And also that if your Honours think fit to look into the Books, it will appear 20000 l. (or more) might be rais'd thereby.

The Second Observation why the 618420 l. 6 s. 6 d. is not rais'd by a Moiety, is, because no Man can ex­pect that Five Years would be given by Native or Fo­reigner for the remaining Years of 96. after Three Lives or Survivorship; And as appears by the First and Se­cond Acts for Annuities, the Third part of the Million rais'd upon the Fund of Additional Excise, was rais'd by Survivorship; for the Act Anno Quint Gulielmi & Ma­riae, Folio 96. says, The Sum of 881493 l. 14 s. 2 d. was raised by Survivorship and Annuities of 14 l. per Annum.

If any one shall say there are more Annuities upon the Tonage, I allow it; But that will not help this Argu­ment at all; for those are for One, Two, or Three Lives, which, with Submission, are fear'd to have a weak Security. I shall not meddle with the 1200000 l. which was expected to be raised upon that Fund, I shall only make a little part of this Discourse upon the 300000 l. which is allow'd to be rais'd by Annuities, ratable for One, Two, or Three Lives; for the Act Sexto & Septimo, Folio 246, 247. as above, says, that upon the Acts for Additional Excise and Tonage of Ships, was paid in Thir­teen Hundred Thousand Pounds upon Survivorships and Annuities; so that, quatenus, Annuities for 300000 l. up­on that Fund of Tonage are absolutely before the Parlia­ment for a very deep and serious Consideration; And if [Page 9]any have purchased a Remainder of 96 Years after a Life, he is the more to be look'd upon as a hearty Man to the Government, that Fund being absolutely taken away, if it was effectual. And this Help in prospect upon Leather for Three Years, is but a short Term for Three Lives; so that what is rais'd of 618420 l. must be se­cured by the Fund of Additional Excise; now being re­duced to that, we shall not have much Difficulty to exa­min how the Case may stand for a Million to be com­pensated at present to those upon Survivorship and Annui­ties of 14 l. per Annum, and then the Purchasers of the Term over of 96 Years as above: First allow this Fund of Additional Excise does afford One Hundred Thousand Pounds per Annum (which by some is doubted) yet that will not afford Interest to Survivors, and 14 l. per Ann. also: Then what must we say or do, af­ter the 24th day of June 1700? Anno Quarto, fo­lio 215. For af­ter that time only 70000 l. is to be set apart for Recompences; all the shift or help I can find is, that by that time a Seventh part of the Survivorships may fall: Allow it may, what will it help toward the Recompences, that's more a Surplus than the Reversion of the Nominees dead unpurchased? Both which, if they are determin'd to be Surplusages, are secur'd by the last Clause of the Two first Acts, with what shall be raised (if any be) more than One Hundred Thousand Pounds per Ann. A Peny lapt about with a Ball of Pack-thread cannot be safer.

This does startle a little the Purchase of the Term over; A Clause in the First Act says, Fol. 221. that no Contributors to the Million shall advance any further Sum, Folio 221. upon the [Page 10] Terms and Advantages; so that if the old Jealousie conti­nues of Acts of Resumption, it may be fear'd this Clause may be laid hold of to bar Reversions; with this is con­cluded the second Proposition.

The Third Undertaking was to state plainly and fairly what was concluded an Answer or Objection to the fore­mention'd Observations upon these Acts.

Not to make bad worse, it's to be explained, that these Observations never advanced, nor never were countenan­ced so far as to appear by a Motion in the Honourable House of Commons; otherwise than to some particular Persons, to whom it was confess'd, that if the Defi­ciency of Nominees dead, and the Term certain un­purchased was made up, it would not amount to Millions, or Hundreds of Thousands, yet I adventur'd to say, the Wind-Mill might grind Twenty Thousand Pounds good Grist (or more) if People would come in as heartily as formerly: To this was replyed, That it was not worth the troubling the House; then was re­joyned the Consideration of the Methods of Parliament, which are to be regarded next to the revering the sacred Writ, the Consequence of relaxing, slighting or breaking of them will certainly be the Cracking or Breaking of Credit; But there was not time for this, another Ob­jection passing suddenly upon me, that the Supplying the Nominees dead according to the Hinge or last Proposi­tion in the Observations, would be a Lessening of Credit, and Diminution of the Security to the Nominees in being, they expecting that what is faln should be assisting to their Recompences; which, if allow'd, confirms a common Saying we have in England, of robbing Peter to pay Paul; it's taking away from the King to please the People, which [Page 11]is as much a Chimera as the Wind-Mill; for all the En­deavours of Credit at present will never exceed Ready Money; and if the remarkable last Clause in the Two first Acts stands good, and calls what's faln a Surplus, then this sweet Morsel is taken out of the Mouths of those that gape for it as some Sustenance. But with Sub­mission to better Judgments, or Determination of Authority (who may declare it as they think fit, with the Consent of his Majesty) as the Case stands I beg Pardon, if I am resty in my Opinion, that what is faln is the Kings; yet I confess, if that be consented to, then the Intentions of the Parliament for raising 618420 l. can­not be accomplished; therefore a Review and further Ex­planation is requisite: But not to make so long a Di­gression as to forget the Answers before mention'd, I find several worthy Members of the Honourable House of Commons, whom I have had the Favour to discourse with, fixt in the Persuasion, that to raise this Rent in Arrear by the Method fore mention'd, is a Lessening the Security which the Nominees in being expect, and also of Credit, which Credit being now an eminent Topick, I shall end this my Third, and I think my Fourth Undertaking is concluded, if not, I shall bring something more in the summary Discourse, which shall begin upon Credit.

CREDIT I think I may make bold to say something to, and if it were not too light for the Honourable House I address to, I would aim at a Stanza to sing her Praises; for I have all along liv'd by her Favour; Though I was born to a private Gentleman's share of Land, yet it came to me under such Circumstances, that it was only as a Bulwark (if at any time she was wind shaken) to defend Credit; for I have been all my Life long (and so was [Page 12]my Father many Years before) a Borrower of Money, which made us distinguish between Credit and Security; For where my Word, Note, or my own Bond was taken, I declared and concluded I had there Credit or Reputation, that Person was clear of Diffidence or Jealousie; But when Pawns, double or treble Bondsmen, Statutes, Judg­ments or Mortgages were required, there I thought I was no way beholding, and where ever I met the Person, I was in no manner obliged to be grateful to him, but con­cluded that are payment at his time, was as Advantageous to him, as Convenient to me: Credit in the practical part, generally lies amongst Traders, that deliver Goods upon Word, Note or Letter of Correspondence; and if I have not quite forgot my Grammar, the Latin word is credo I believe, or fides faith, fides à fio, something to be made or done in process of time; if I take or receive any Goods, Horse or Money without Terms, I must in Equity pay a Value according as Neighbours or a Jury shall adjudge; but if I agree a Sum, and Day of Payment, until that Day I have Credit; he puts Faith or Belief to existence, that I will pay accordingly that Day, if I do not, I forfeit and loose my Credit in the common Acceptation; when the Exche­quer was in the best Reputation, what was it more than Credit? For a Talley was but a memorandum that you may find in the Office such a thing, which is a Witness so and so, as a Duplicate that I take the King's Honour, which is, or ought to be, as good as any Lawyer's Forms in Parchment, or Words cut in Marble, and neither Government nor People will be easy till that's in fashion again. For through the Body Politick by means of the Exchequer, and the Body Natural by help of the Liver, Money and Blood flows in­cessantly, unless there be a Stagnation, which is now much more to be feared, than a Plurisie, for the War would cure [Page 13]both of that; I wish the true Cause may be found our, and a proper and seasonable help, I had rather the Ap­plication work'd with Affection than Force: We have found that in all the ways and means for raising of Taxes (except upon Land) Compact has brought in more ready Money than Compulsion, because that unites the People to the Government, the other alienates them from it.

I have nothing to say to the Expedients in hand touching Banks in imitation of Venice, Genoa and Amsterdam, (to which I wish good speed) having already asserted the Honour of the Exchequer.

Having come something near the Definition of Credit, and traced her accepted Steps of Living and Character, which was of late Years so good, that she was the Dar­ling of every Person in the City and Country, until she was blown up by the Jesuits Powder (the shutting up the Exchequer (which was the Advice of a Popish Lord, for which he had a White Staff) who wounded her so very deep, she never rightly recovered her former Reputation or State of Innocency.

The last of this Discourse shall be that several Reversions after a Life might not be bought, because few People are desirous of Reversions, but if there be a Clause for Sale of them at present the Disposition of the People may be clearly discovered, and several Reasons have been, and may be adduced (though not fit for Print) to shew that this way of Annuities is Advantageous to King and People. And if they do not bring in ready Money as soon as any means that has or can be proposed upon Loans or Compact, and probably much sooner than the Bill in hand, for a [Page 14]further enlarging the time for Sale of Reversions. And if ready Money does not step in, the Soldier's Word is, As you were. And if in all this Pains I have done no good, I hope I have done no hurt; yet if I cannot help to bring in Money, I hope I may not be denied a Motion for Removing that which stands as a Record reflecting upon Honor in the last Paragraphs of the two first Acts, especially the last Paragraph Anno Quinto Gulielmi & Ma­riae, which is like a reiterated Care to an Omen, one would think; for I believe the word Surplus or Surplu­sage was never thought on since.

But having made this Discourse much longer than I in­tended at first setting Pen to Paper, begging Pardon for things which may look like digression at the first Read­ing, yet doubting whether any Persons will give themselves the trouble of a second View, I shall trouble them with no longer Apology; but if any Member of the Ho­nourable House shall think any part of this Escroul worth his taking notice of, he will be as charitable as he that as­sisted the poor Man at the Pool of Bethesda, and if there­upon he commands me to attend him, I shall more sully demonstrate, that I am a sincere lover of the Constitution of our Laws both Ecclesiastical and Civil, and one that has endeavoured their Preservation both in Court and Coun­trey, and something in a Military way, tho' all's forgotten; and I despair of doing any thing that may bring them on the Stage, unless this that appears like Witherington on his Stumps; Time and Discouragements having dull'd my Brain, and in some measure enervated me, and Purse and Credit being both sick, it's time to retire; and if I can get off with Safety, I renew my Lord Shaftsbury's Doctrine of falling Easy, yet with good Manners, in subscribing to the favour­able Reader,

All this Discourse may be drawn into a short Clause con­sisting of two Parts; First, Repealing three Clauses in the first Act, Folio 215. where 100000 l. is reduced to 70000 l. in the Year 1700. The Second in Folio 221. that no Con­tributors shall advance any further Sum upon the Terms and Advantages aforesaid, and then the last Clause of this and the second Act, relating to Surplusage.

The second Part of the Clause to be made for raising what was intended by the fourth and fifth Act, according to the late Proposition in the Observations, for disposing of the Interest of Nominees deceased, or what other Method shall be best liking to his Majesty, by the Advice of His Great Council now Assembled. This had been humbly offer'd sooner, but that the World should not say, I had di­sturbed the King's and Nation's Greater Affairs for my own Interest and Satisfaction.